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Invest financial returns in the development of production and services

03/10/2016 12:00 amBaghdad/Emad Emirate

Most financial returns from oil export in the State Department for normal activity, either for investment, not within five income or less, and it wasn't for oil during the past years an active role in the development of other economic sectors.

In order to address these imbalances, between academic Dr Ahmed Omar Rawi actual need to increase oil production to meet the growing requirements of financial resources to rebuild Iraq's economy to its previous pointing to differing visions on ways of increasing Oil revenues.

So some experts suggested privatizing the oil industry and others went toward the rehabilitation of oil facilities by the public sector which has long experience and expertise in the oil industry.

The State has adopted the view using foreign companies to develop oil fields operating as a new policy to increase productivity Crude oil.

Tagged as rentier economy for oil reliance exclusively on securing the country's financial requirements, although other productive sectors provides scalable.

He drew the Narrator relationship which must be positively benefit from oil revenues and economic growth can be achieved by adopting clear strategies on policies Economical.

He noted that the expected increase in oil production capacity to more than 10 million barrels a day by the year 2016, according to the petroleum licensing contracts signed in 2010,

but that the facts indicate the difficulty of reaching that figure because the infrastructure of the oil sector of transport and storage systems to respond to this volume of Production.

His saying this increase of production if they meet the substantial financial returns, but these revenues must be spent thoughtfully and programmer, which requires the State adopt a long term strategy aimed at developing economic and social realities in Iraq, and that their programs compatible with the size of the returns achieved annually from oil to correct the imbalance suffered by Iraqi economy three decades ago.Ago.